European Union states have added ten jurisdictions to a draft tax haven blacklist, including the United Arab Emirates (UAE) and Bermuda, an EU official told Reuters on Tuesday, in a move that would triple the number of listed countries. The measure comes more than one year after the bloc decided… – Continue reading
THE Caribbean Association of Banks (CAB) has joined the growing list of advocates for the expedited passage of urgent legislation to strengthen this country’s international tax compliance. “Non-compliance with Global Forum Standards and Financial Action Task Force (FATF) recommendations increases the sovereign risk profile of not only the jurisdiction (TT)… – Continue reading
TT may soon be the lone Caribbean country on the European Union’s (EU) list of tax havens (blacklist). The Bahamas and St Kitts are expected to be removed when EU finance ministers meet in Brussels next week. However government is one step closer to resolving the issue through legislation being… – Continue reading
The International Monetary Fund has said Trinidad and Tobago needs to further hike taxes. The territory has struggled due to low energy prices. Energy revenue accounted for only 27 percent of total government revenue in the 2015 fiscal year, compared to around 55 percent during the preceding decade. A new… – Continue reading
T&T faces possible sanctions after the Global Forum recognised this country as the only jurisdiction not considered to have made sufficient progress towards satisfactory implementation of the agreed tax transparency standards. Speaking at a media conference on Friday afternoon, Attorney General Faris Al Rawi said this has negative implications for… – Continue reading
GOVERNMENT has a bill on the Parliament agenda allowing for automatic extradition for people wanted for tax evasion in foreign jurisdictions, announced Attorney General Faris Al-Rawi. He said on the Parliament agenda there is a miscellaneous bill to deal with allowing prosecution of tax evasion matters in a reciprocal arrangement… – Continue reading
The United States is recommending that Trinidad and Tobago pass the Foreign Account Tax Compliance ACT (FATCA) by February next year, providing a five-month breathing space for the country. US Ambassador John Estrada in a brief statement issued from Washington said he wanted to provide an update on FATCA after… – Continue reading
Seven private sector organisations Tuesday called on the Trinidad and Tobago government and opposition to put aside their differences and ensure the country meets the September 30 deadline for the Foreign Account Tax Compliance Act (FATCA). They also warned that failure to do so could result in ”serious negative consequences”… – Continue reading
PORT OF SPAIN, Trinidad, Sept 10, CMC – Government and opposition legislators are to meet here on Monday as the deadline for meeting the September 30 deadline for passing the Foreign Account Tax Compliance ACT (FATCA). Caribbean financial executives have in the past bemoaned what they deem as an uneven… – Continue reading
The Trinidad & Tobago government says it has prepared legislation aimed at compliance with the United States Foreign Account Tax Compliance Act (FATCA). FATCA is a 2010 federal law to enforce the requirement for United States national including those living outside the US, to file yearly reports on their non-US… – Continue reading
We have on several occasions fingered Panama as a particularly recalcitrant secrecy jurisdiction: our recent Panama Narrative Report spills a fair number of beans in that respect. Its recalcitrance is perhaps hardly surprising, given the quantity of Colombian and Mexican drugs money believed to be sheltered there – to name… – Continue reading
Faced with outrage from over a dozen otherwise placid Caribbean nations, D.C. officials are backtracking on a plan to openly call out countries it says allow big U.S. businesses to skip out on paying local taxes. At issue is a change to existing tax law made through the 2016 D.C…. – Continue reading
Government should look to the example set by Barbados and start charging Value Added Tax (VAT) on betting and gaming activities in Trinidad and Tobago. This was the advice coming from Tax Director of KPMG’s TT operations, Nicole Joseph, during a post-budget forum hosted by the American Chamber of Commerce… – Continue reading
Once again, Commonwealth Caribbean countries are under attack as “tax havens”, even though they are nothing of the sort. This time it is not only the usual countries which have been listed. Trinidad and Tobago has been included, and we can bet that Jamaica and Guyana will be added unless… – Continue reading
“There is much to be gained from the existing double taxation treaty between Trinidad and Tobago and the Kingdom of Spain,” said Spanish Secretary of State for International Co-operation and Latin America Jesús Gracia Aldaz in his address at the First T&T–Spain Partnership Forum at the Hyatt Regency in Port-of-Spain…. – Continue reading
FATCA – Which Countries Are In And Out The controversial US Foreign Account Tax Compliance Act (FATCA) law is set to start from July 1, 2014, so with less than 21 days to go, here’s a look at which countries are in and who is outside of the tax network…. – Continue reading
